• Arab African International Bank plans to open a branch in Saudi Arabia, capitalizing on growing Egyptian investments in the Kingdom.
• The bank has received regulatory approval in Egypt and is seeking approval from Saudi authorities to expand its operations.
• Saudi market’s large-scale projects and financing needs motivate the bank to offer services to Egyptian investors and businesses.

Arab African International Bank

What happened?  The Arab African International Bank (AAIB) is planning to establish a branch in Saudi Arabia. 

With this move, the bank seeks to capitalize on the growing trend of major Egyptian investors entering the Kingdom’s market. 

According to Alsharq Business, the bank has received the necessary regulatory approvals in Egypt in order to submit a request for approval from the Saudi authorities. 

Alsharq reports that large projects in the Saudi markets have attracted major Egyptian investors. Furthermore, the large financing needed to implement large projects was the main motivation for the bank to offer its services to clients in the Kingdom.

Who are they? Founded in 1964, the Arab African International Bank is a multinational bank established as a joint venture between the Central Bank of Egypt (CBE) and Kuwait Investment Authority (KIA).

Now, the bank is a regional banking institution with services covering retail, corporate banking, SMEs, and transaction banking solutions. In addition, to investment banking, brokerage services, asset management, private equity, leasing, mortgage financing, and micro-enterprise solutions.

Egyptian investment in the Kingdom

There has been an inflow of Egyptian investments in the Kingdom especially in real estate. Notably, Talaat Mostafa Group is developing the Banan project in collaboration with the National Housing Company with the cost of USD 11 billion. 

Other investors include: 

• Hassan Allam Holding
• Samcrete 
• Concrete Plus 
• Mountain View Group
• Samih Sawiris

Bandar Al-Amri, head of the Saudi-Egyptian Business Council, noted that the number of Egyptian companies operating in Saudi Arabia reached 6,830 in 2024. Additionally, Egyptian investments in the Kingdom reached USD 18.7 billion.